NYSE Owner ICE in Talks to Back MoonPay at $5B Valuation
ICE targets a $5 billion valuation for MoonPay, adding the payments unicorn to a portfolio that now includes a $2 billion stake in Polymarket.
Intercontinental Exchange (ICE), parent company of the New York Stock Exchange, is in advanced discussions to invest in crypto infrastructure unicorn MoonPay, according to Bloomberg. The deal would value the payments firm at approximately $5 billion, a 47% markup from its $3.4 billion Series A in 2021, signaling institutional capital is aggressively repricing crypto plumbing despite Bitcoin struggling to hold $87,000.
The Infrastructure Play
For ICE, this is not a speculative bet. It is a vertical integration play. The exchange giant, which already operates Bakkt, is effectively buying the “on-ramp” to the digital economy. The move follows ICE’s massive $2 billion commitment to prediction market Polymarket in October, cementing a strategy to own the transactional layer of Web3 rather than just the order book.
The funding round could value MoonPay at around $5 billion… signals institutional confidence in crypto infrastructure at a critical moment.
The Regulatory “Revolving Door”
The deal coincides with a significant talent acquisition: Caroline Pham, the acting chair of the Commodity Futures Trading Commission (CFTC), confirmed she will join MoonPay as Chief Legal Officer. Pham’s exit from the agency to a firm she once regulated underscores the industry’s pivot from “move fast and break things” to “hire the regulator.”
This follows MoonPay securing a Limited Purpose Trust Charter from the New York Department of Financial Services (NYDFS), a credential that allows it to offer custody services in the most strictly regulated U.S. jurisdiction. With Pham incoming and a NY charter in hand, MoonPay is clearly positioning itself as the compliant alternative to offshore rails.
Market Context
While ICE doubles down on infrastructure, the spot market remains skittish. Bitcoin slid below $87,000 this week, decoupling from the venture funding surge which has seen crypto companies raise nearly $19 billion in 2025, the highest annual total since 2022. The disparity suggests smart money is betting on the rails, even as retail sentiment cools.
